Specialist short-term lender Hope Capital has implemented a new ID verification and messaging technology to transform its business.
By introducing Nivo’s secure messaging technology, Hope Capital says it can ‘do away with face-to-face meetings’ for ID verification purposes.
However, it will retain video calls with borrowers to ensure they are talked through the loan terms, conditions and the borrower’s exit route.
Through app-based messaging, the borrower can securely verify their identity with Onfido’s biometric identity verification AI. It provides Hope Capital with necessary documentation relevant to the loan by sharing photos from their smartphone.
Hope Capital uses automation in several initial information gathering and verification stages, meaning borrowers can be onboarded from wherever they are and can provide ID verification and documentation at any time. This not only speeds up the underwriting process and enhances customer experience, but also makes it safer in terms of preventing the spread of Covid-19.
Hope Capital chief executive officer Jonathan Sealey says the implementation will further improve the ‘excellent’ service borrowers and brokers expect from the lender. They can also be reassured that it is secure and accepted by the Land Registry as a bona fide process.
He adds: “Nivo’s technology is proving to be a great addition to our customer service as it enables underwriting due diligence checks to be done by the borrower wherever they are, at a time that suits them. Customers in 2020 expect this type of instant decision and smooth, frictionless experience.”
“Within Nivo’s secure messaging, we can automate certain journey flows, drop in timesaving fintech features like biometric ID&V AI or speak to customers directly. This flexibility makes the experience much quicker and more straight forward.”